The initial public offering (IPO) of Vishal Nirmiti, a prominent civil engineering, manufacturing, and construction firm, is now open for subscription. Investors can apply for shares starting Wednesday, September 30, with the issue closing on Monday, October 5.
Vishal Nirmiti IPO: Key Details
Vishal Nirmiti is offering its shares in a price band of Rs 208-220 per equity share. The IPO aims to raise Rs 178 crore, comprising a fresh issue of shares worth Rs 145 crore and an offer-for-sale (OFS) of up to 15 lakh equity shares valued at Rs 33 crore by its promoter group. Investors must apply for a minimum of 68 equity shares and in multiples thereafter. The net proceeds from the issue are earmarked for funding working capital requirements, debt repayment, and general corporate purposes.
Company Profile and Financial Performance
Incorporated in 1994, Vishal Nirmiti (formerly Sejal Farms) is a Mumbai-based company specializing in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, and the fabrication and erection of mild steel pipes, liners, and penstock pipes for pumped storage projects. The company boasts manufacturing facilities across several Indian states, including Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, and Punjab.
For the financial year ended March 31, 2026, Vishal Nirmiti reported a net profit of Rs 24.98 crore on a revenue of Rs 344.13 crore. In the preceding fiscal year (2024-25), the company posted a net profit of Rs 23.64 crore with a revenue of Rs 324.86 crore. The current market capitalization stands slightly above Rs 580 crore.
IPO Reservation and Grey Market Premium
The IPO has reserved at least 70 percent of shares for retail investors, 29 percent for non-institutional investors (NIIs), and 1 percent for Qualified Institutional Bidders (QIBs).
As of recent reports, Vishal Nirmiti's grey market premium (GMP) was noted at Rs 2 per share, indicating expectations of a muted listing gain for investors. The shares are expected to list on both BSE and NSE on Thursday, October 8.
Analyst Recommendations
Several brokerage firms have weighed in on the Vishal Nirmiti IPO:
- Anand Rathi Share & Stock Brokers: Rated 'Subscribe for long-term', citing the company's established position in railway infrastructure, strong execution capabilities, improving profitability, and visible growth opportunities from India's infrastructure capex cycle.
- SBI Securities: Assigned a 'Neutral' rating. They highlighted Vishal Nirmiti's specialization in PSC sleepers and high-pressure MS pipes, strong revenue and profit growth (CAGR of 18.1% and 169.2% respectively during FY24–FY26), and a robust order book of Rs 582 crore as of June 2026. However, they found the issue 'fairly valued' and recommended tracking performance post-listing.
- BP Equities: Recommended 'Subscribe'. While acknowledging premium valuations compared to peers, they noted the company's superior margin profile, reflecting its specialized manufacturing focus and higher-margin product mix.
- Ventura Securities: Issued a 'Subscribe' rating, emphasizing the company's 32 years of group heritage, widespread manufacturing facilities, and ISO-accredited execution capabilities.
- Master Capital Services: Rated 'Subscribe for long-term', noting Vishal Nirmiti's exposure to railway infrastructure, renewable power, irrigation, and industrial projects, which aligns with India’s growing infrastructure and construction ecosystem.